Bitcoin and Ethereum searches on Google have cratered to multi-month lows even as NFT-related queries skyrocket to unprecedented levels — a striking divergence that paints a complex picture of crypto market sentiment in early January 2022.
According to Google Trends data captured on January 7, 2022, the search term “bitcoin” registered a score of just 28, representing a 72% decline from its peak score of 100 recorded during the week of May 16-22, 2021. Ethereum searches told a similar story, dropping 68% to a mere 8 points. The term “cryptocurrency” fared even worse, scraping bottom at a score of 3 — a fraction of its May 2021 high of 12.
TL;DR
- Google Trends “bitcoin” search score plummeted 72% from May 2021 peak to a score of 28 on January 7, 2022
- “Ethereum” searches dropped 68% to score of 8; “cryptocurrency” hit just 3
- “NFT” searches surged to an all-time high of 100, up from a score of 1 in January 2021
- BTC fell 16% over two weeks to $41,557; ETH dropped 20% to $3,193; Solana crashed 27%
- January 2022 crypto selloff wiped approximately $500 billion from total market capitalization
The Search Interest Divide
The contrast between declining crypto price searches and surging NFT interest revealed a market in transition. While investors appeared to be losing enthusiasm for Bitcoin and Ethereum price speculation, the NFT sector was experiencing its own cultural explosion — driven by high-profile collections, celebrity endorsements, and growing mainstream acceptance of digital collectibles.
The search term “NFT” achieved a perfect Google Trends score of 100 during the first week of January 2022, a remarkable ascent from a score of just one year earlier. The trajectory showed gradual growth through the first half of 2021, followed by explosive acceleration through the end of the year and into 2022. Even as cryptocurrency prices slumped, the NFT ecosystem continued to attract attention from creators, collectors, and speculators alike.
Meanwhile, practical search behavior among existing crypto holders suggested a different mood. The phrase “how to sell bitcoin” registered a score of 12, some 88% lower than its February 2021 peak, indicating that despite the price decline, panic selling had not yet taken hold among retail investors. However, searches for “how to sell ethereum” were on the rise, suggesting growing unease specifically around the second-largest cryptocurrency.
Price Collapse Accelerates in First Week of 2022
The declining search interest coincided with a brutal market selloff. Bitcoin had fallen approximately 16% over the preceding two weeks to trade at $41,557 on January 7th. Ethereum lost 20% of its value in the same period, dropping to $3,193. Solana was hit even harder, crashing 27% as risk appetite evaporated across the altcoin market.
The broader numbers were staggering. The January 2022 selloff wiped approximately $500 billion from the total cryptocurrency market capitalization. Bitcoin investment products experienced the largest outflows, with a weekly average of $49.3 million in withdrawals. Ethereum products followed with average weekly outflows of $28.2 million, signaling that institutional investors were also reducing their crypto exposure.
Fed Hawkishness Weighs on Risk Assets
The crypto decline was not happening in isolation. Minutes from the Federal Reserve’s December FOMC meeting, released during the same week, revealed officials discussing a faster timeline for interest rate hikes and a more aggressive approach to reducing the central bank’s bond holdings. The hawkish tone sent shockwaves through all risk assets, with the Nasdaq suffering its worst week since February 2021.
Cryptocurrencies, which had benefited enormously from the Fed’s accommodative monetary policy during the pandemic, proved particularly vulnerable to the prospect of tightening financial conditions. The correlation between crypto and tech stocks had strengthened throughout 2021, and the January selloff further demonstrated that Bitcoin and Ethereum were increasingly trading in tandem with traditional risk assets rather than as independent stores of value.
NFT Frenzy Defies Broader Market Weakness
Perhaps the most fascinating aspect of the early January market dynamics was the complete decoupling of NFT interest from cryptocurrency price trends. While Bitcoin and Ethereum searches collapsed alongside prices, NFT-related activity surged to new highs. Major collections like Bored Ape Yacht Club and CryptoPunks continued to command attention, and new projects were launching daily.
This divergence suggested that the NFT market was being driven by different forces than pure crypto speculation. Cultural momentum, celebrity involvement, and the growing perception of NFTs as digital status symbols appeared to be creating a self-reinforcing cycle of interest that was largely immune to the broader crypto selloff — at least for the moment.
Why This Matters
The January 7 Google Trends snapshot captured a pivotal moment in crypto market evolution. The dramatic divergence between declining Bitcoin and Ethereum search interest and surging NFT queries suggested that the crypto ecosystem was fragmenting — with speculative interest shifting from established cryptocurrencies toward newer, more culturally-driven digital assets. For traders and investors, the data served as both a warning and an opportunity: the macro environment was turning hostile for risk assets, but pockets of enthusiasm remained. The Fed’s hawkish pivot would continue to pressure crypto prices throughout 2022, while the NFT phenomenon would eventually face its own reckoning. Understanding these divergent trends was essential for anyone trying to navigate what would become one of crypto’s most challenging years.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always do your own research before making investment decisions.
NFT search score 100 while BTC dropped to 28. classic top signal. the same pattern repeated with AI tokens in 2024
google_trends_rat_ the same pattern repeated with AI tokens in 2024. money flows from the real asset into the narrative derivative every single cycle
ICO parallel is perfect. NFT search at 100 was the exact same pattern as crypto searches in December 2017. retail always arrives at the top of the derivative
BTC search score of 28 while NFT hit 100 is the cleanest retail sentiment chart you will ever see. money flowing from the asset into the derivative every single time
Bohdan L. and six months later NFT floor prices were down 80% and BTC searches were still at 28. the rotation always finishes with everyone holding bags
500B wiped from crypto market cap and NFT searches spiked. people were literally ignoring the fire to look at the shiny thing next to it
ETH down 20% to $3,193 while NFT searches mooned. capital was rotating from actual crypto into JPEGs. we all know how that ended
Niamh O. the floor prices six months later vs those search numbers is the cleanest bubble chart in crypto history
NFT search score of 100 while bitcoin dropped to 28 was the ultimate top signal. retail piled into JPEGs right as the market was cracking
nft search at 100 while btc was at 28… classic top signal for nfts and nobody wanted to hear it
The $500 billion market cap wipe coincided exactly with the NFT mania peak. Same energy as the ICO craze in late 2017 when everyone stopped caring about Bitcoin fundamentals.
Chen W. the ICO parallel is perfect. NFT search at 100 was the equivalent of everyone at the party talking about crypto in dec 2017
every bubble looks identical in hindsight. nft at 100 on google trends while btc sat at 28 was the clearest contrarian signal possible
bubble_spotter Google Trends at 100 for NFTs while BTC sat at 28 was the clearest retail capitulation signal in crypto history. money flowing from the actual asset to the derivative hype
search_volume_ Google Trends at 100 for NFTs while BTC sat at 28 was peak retail capitulation. money flowing from the asset to the jpeg derivative
trend_void_ BTC search at 28 while NFT hit 100 was the ultimate contrary indicator. everyone who called it got mocked into silence
eth searches at 8 after dropping 20% to 3193, people really shifted to nfts mid selloff
bubble_spotter NFT at 100 on trends while BTC sat at 28 was literally the billboard telling you to short NFTs. nobody wanted to hear it
nft_flipper_ and the people calling it a top signal got ratioed into oblivion. funny how that works every cycle
nft at 100 while btc sat at 28? wild how that flipped so fast after the 16% drop to 41557
people called it a top signal in real time and got mocked for it. same exact thing happened with ICO warnings in late 2017
btc down 16% in two weeks and the only thing people searched for was cartoon apes. 2022 in a nutshell
BTC down 72 percent from its May 2021 peak on Google and NFTs at 100. classic greed rotation from one bubble into a bigger one
solana down 27% on top of the 500b wiped, feels like the whole market just reset
sol down 27% and people were googling NFTs instead of checking their portfolios. peak copium behavior right there
cosmin_d the copium was insane. watch your bags burn but at least you can google monkey pictures